Finalizing a deal on a used MH and wondering what kind of rates are out there. I was looking same time last year (deal fell through the) and remember my credit union approving me for 2.99%. Recently went back to them and it looks like rates are 5.49% now

Does that seem right. Any recommendation on banks or credit union to go to

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Maybe a little high based on good credit. You can do a Google search for RV loan rates and find several places with lower rates. Rates vary by amount to be financed, length of loan, and of course your credit rating.

That does sound like a big jump, especially for a credit union, but there's too many variables to know anything for sure. I assume you own a home, somewhere? Also, rates on used are typically higher than on new. Have any of your personal circumstances changed since last year?

We asked for and got financing approval last fall before submitting our order for a new coach but, unfortunately, could not lock in the rate (they won't lock anything in for longer than 60 days) for our requested delivery date in mid May. In another month we'll be looking to lock in a rate. If ours jumps like yours, we'll be cancelling the order,

We recently finished financing $100G's. We were fortunate to have great FICO scores keeping two institutions well below 5% which our FP insisted upon. Our credit union wasn't helpful. Ya' have to shop around.

The Fed raised their rates in December from 0 to .25 % to .25 to .5%. That is some of the reason that interest rates went up. They were predicting another increase in March but now it looks like June before the Federal Reserve again raises rates. Been nearly ten years at 0% but now they think the economy is strong enough to raise. So......every time the fed raises rates so do the banks since that where they get their money from.

We signed a 30 year 100k loan on our new mh from BofA, which was last June. The rate is fixed at 3.49% There there are no restrictions or penalties on extra payments or retiring the loan at anytime, which is an imperative requirement for me. I would never sign away control of my finances.
The rate was less than the advertised rate at any institutions we did business with, including the credit union. However I did not discuss rates with any of these outfits.
The rate seemed okay but I was not informed in regard to what other buyers of new rvs were able to negotiate. At the time I had no intention of buying an rv, but the wife certainly had other ideas. I told her that if the 3.49 rate did not go through we were walking, that was my line in the sand, my last hope for salvation from the purchase.
The loan parameters were submitted to several banks by the dealer and we waited as each bank refused the loan. Things were shaping up very nicely for me and a feeling of relief washed over. The salesman sauntered in asking how it was going, after seeing two frustrated faces and one beaming smile. At this point the finance man at the dealer then called BofA and talked personally with them. The loan was then approved making three winners and one loser, a very odd sport in my mind.

Yep, that is my suggestion as well. Also, you don't mention the age of the motor home, and many lenders don't want to lend on a model older than 10 years. Or are very particular as to which brands they will loan on.

When we purchased our motor home, I spoke to one bank and told them I was looking at a 2001 Class A, they said they wouldn't loan on a coach that old. Then they asked what it was. I replied "Newmar Dutch Star", they said "Well then, of course we'll loan on a Dutch Star"?!? Take that for whatever it may be worth.

We ended up borrowing on our Home Equity line of credit instead at 2.49% instead . . . .

I checked the Bank of America web site and see no mention of RV loans.

I also noticed this, perhaps they only work through the dealers, it would be best to talk to them. I have read posts on other sites with others stating they received loans for their rvs through BofA. The manager at the dealership we purchased from said they can get discounts on loans due to their huge size and the amount of loans they generate for the banks. At first the dealer offered 3.99% but I protested and got up to leave. Then he said he would try for 3.49% which he claimed is usually only done for the dp crowd. I was sitting in the finance office at another location, on the following day, when the denials came in one after the other. Apparently someone notified the salesman and he came rushing over to see what was happening to his future income. Only one bank went for the deal BofA.